Cyber Security Budgets Are Misspent

Uploaded on 2023-03-29 in NEWS-Cybersecurity News, FREE TO VIEW

A leading cyber security services company, Integrity360, has announced its findings from a Twitter poll to gain visibility into cyber security budgets and over surplus solutions within businesses. Their conclusion is that almost 30% of polled businesses have between 31-40 tools that are not required in their tech stack  

The poll, which was conducted between 8-10 March, found that over 30% of businesses believe that 30% of their budget is being allocated to tools and solutions that are not being used to their full potential.  

In addition, almost 30% of those surveyed agree that they have more than 31-40 tools and solutions within their tech stack that could be removed due to overlapping and unused features. This is a worrying figure when cyber security breaches continue to rise, and businesses are left with gaps that could give cyber attackers a route in. 

The CTO of Integrity360, Richard Ford, commented: “Whilst businesses recognise the need to allocate more budget towards cyber security, the difficulty lies in knowing where to apportion the spend...  It’s easy to throw money at all the shiny new tech and solutions on the market, but this results in disparate systems, with too many tools deployed for specific purposes, that ultimately go unmanaged and underutilised.” 

Furthermore, 46% of polled respondents believe the most damaging impact of a cyber security breach to be the consequential financial damage.

“Businesses need a cyber security strategy that provides full visibility over their tech stack and the solutions they have, those they need and those they can do without... An overabundance of solutions with features that overlap or aren’t required, is an accident waiting to happen, and a drain on budget and efficiency”, Ford commented. 

At a time of economic downturn when cyber security budgets are tight and risks are heightened, spending money on unnecessary and unused solutions is a business risk. Action to get rid of outdated systems, to consolidate different platforms and convergence of technologies us the best way optimise spending as well as improving overall security posture, according to Ford. 

 

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